Tag: Department of Finance (DOF)

DOF considering selling government’s SLEX share

DOF considering selling government’s SLEX share

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Recently the Department of Finance (DOF) announced that it is considering selling the government’s share in South Luzon Expressway (SLEX), according to a Manila Bulletin news report.

To put things in perspective, posted below is an excerpt from the Manila Bulletin. Some parts in boldface…

The Department of Finance (DOF) is considering selling the government’s stake in the South Luzon Expressway (SLEX) by the end of this year.

Finance Undersecretary Catherine L. Fong told Manila Bulletin that the government’s ownership in SLEX is included among the assets slated for privatization in 2024.

However, Fong did not provide additional details when asked about the specific shares in SLEX that are being considered for sale.

The government currently holds a 20 percent stake in SMC SLEX Inc., the toll road operator, through the state-owned Philippine National Construction Corp. (PNCC).

SMC SLEX, formerly known as South Luzon Tollway Corp, operates as a unit of San Miguel Holdings Corp. and is a joint venture with PNCC.

Fong said that the Land Bank of the Philippines will conduct the valuation of the SLEX shares.

In 2006, SMC SLEX was granted a 30-year concession, set to expire on Feb. 1, 2036, to operate and manage SLEX, a major tollway in Luzon.

The proceeds from the sale will help achieve the Marcos administration’s target of generating P42.12 billion in non-tax revenues through privatization in 2024.

Apart from the SLEX shares, Fong said that the DOF is also set to sell the 2.2-hectare Mile Long property in Makati.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think selling the government’s stake in the SLEX will turn out good and sensible?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Thank you for reading. If you find this article engaging, please click the like button below, share this article to others and also please consider making a donation to support my publishing. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at  @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram athttps://www.instagram.com/authorcarlocarrasco

For more South Metro Manila community news and developments, come back here soon. Also say NO to fake news, NO to irresponsible journalism, NO to misinformation, NO to plagiarists, NO to reckless publishers and NO to sinister propaganda when it comes to news and developments. For South Metro Manila community developments, member engagements, commerce and other relevant updates, join the growing South Metro Manila Facebook group at https://www.facebook.com/groups/342183059992673

Muntinlupa City Government 2023 revenues reach P4.63 billion

Muntinlupa City Government 2023 revenues reach P4.63 billion

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Recently in the City of Muntinlupa, the Bureau of Local Government Finance under the Department of Finance (DOF) revealed that the revenues of the City Government reached P4.63 billion for the year 2023, according to a Manila Bulletin news report.

To put things in perspective, posted below is an excerpt from the Manila Bulletin news report. Some parts in boldface…

The Muntinlupa City government earned P4.63 in revenues in 2023 to rank ninth among local government units in the National Capital Region (NCR).

The  Bureau of Local Government Finance under the Department of Finance released the revenue data for NCR.

Muntinlupa generated P4.63 billion in revenue last year, marking a 13 percent increase in its Annual Revenue Income (ARI) from 2022.

“We are in a crucial period of pandemic recovery. The significant growth in our revenue is a positive sign that our economy is on the right track. This growth enables us to enhance public services and better support our community,” said Mayor Ruffy Biazon.

He added, “We assure our constituents that every centavo is judiciously used to enhance social services and improve the quality of life for all Muntinlupeños.”

Let me end this post by asking you readers: What is your reaction to this recent development? If you are a resident of Muntinlupa City, do you find the 2023 revenue surprising? Do you think the City Government is doing a good job financially?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Thank you for reading. If you find this article engaging, please click the like button below, share this article to others and also please consider making a donation to support my publishing. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at  @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram at https://www.instagram.com/authorcarlocarrasco

For more South Metro Manila community news and developments, come back here soon. Also say NO to fake news, NO to irresponsible journalism, NO to misinformation, NO to plagiarists, NO to reckless publishers and NO to sinister propaganda when it comes to news and developments. For South Metro Manila community developments, member engagements, commerce and other relevant updates, join the growing South Metro Manila Facebook group at https://www.facebook.com/groups/342183059992673

Finance Secretary Diokno says Philippine economic growth this year will be robust

Finance Secretary Diokno says Philippine economic growth this year will be robust

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The economy of the Philippines will continue with robust growth this year according to the recent statement by Finance Secretary Benjamin Diokno, as reported by the Philippine News Agency (PNA).

To put things in perspective, posted below is an excerpt from the PNA news article. Some parts in boldface…

Philippine economic growth is expected to remain robust this year mainly driven by private consumption and the continued implementation of structural reforms, Finance Secretary Benjamin Diokno said on Monday.

“While multilateral organizations project a slower global outlook for 2024 at 2.9 percent, the Philippine economy is expected to improve, reinforcing its status as one of the fastest-growing economies in the region,” Diokno said in a statement.

The Philippine economy grew by 5.9 percent in the third quarter of 2023, bringing the year-to-date growth to 5.5 percent.

Diokno said that for the full year of 2023, growth is expected to settle close to the low end of the government’s 6 to 7-percent target.

For 2024, economic managers assume a growth rate of 6.5 percent to 7.5 percent.

“Amid the ongoing strong El Niño and geopolitical and trade tensions, the country’s growth is expected to be driven by strong private consumption, supported by the expected return of inflation within the target range, falling oil prices, robust public spending, greater investments lured by the country’s sound macroeconomic fundamentals, investment-grade credit rating, and the implementation of structural reforms, and increased demand for Philippine exports as supply chain bottlenecks ease,” he said.

Diokno said economic prospects will be even better with the alignment of policies between fiscal and monetary authorities, measures to bring down inflation, and greater coordination of all public sectors to implement programs.

He added multilateral organizations also expect the Philippines to be one of the fastest growing economies in 2024.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the economy of the Philippines has enough momentum to achieve growth of at least 6.5% this year?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Thank you for reading. If you find this article engaging, please click the like button below, share this article to others and also please consider making a donation to support my publishing. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at  @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram athttps://www.instagram.com/authorcarlocarrasco

CREATE Law attracts over P1 trillion worth of investments

CREATE Law attracts over P1 trillion worth of investments

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While it is still uncertain as to how much the Philippine economy will grow by the end of this new year, over a trillion Pesos of investments were attracted by means of project approvals under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law, according to a news article published by the Philippine News Agency (PNA).

To put things in perspective, posted below is an excerpt from the PNA news article. Some parts in boldface…

More than 900 projects with total investments of PHP1.02 trillion have so far been approved under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act as of end-October last year, the Department of Finance (DOF) said on Thursday.

In a Facebook post, the DOF said a total of 910 projects varying across priority sectors listed in the Strategic Investment Priority Plan (SIPP) have been approved under the CREATE law.

“This monumental achievement is a testament to the continuous efforts of the PBBM administration to promote the Philippines as a sound investment destination,” the department said.

Of the 910 projects, 49 big-ticket tax incentive applications with a combined investment capital of PHP817 billion were approved by the Fiscal Incentives Review Board.

The remaining 861 projects with a total investment capital of PHP203 billion were from Investment Promotion Agencies.

“These projects are expected to accumulate a committed employment count of around 99,400 jobs within its incentivized period, with the labor-intensive manufacturing sector having the highest number of approved projects among the priority sectors,” the DOF added.

“This underscores the employability of the country’s workforce in high-quality jobs that will contribute to long-term economic growth.”

CREATE establishes a performance-based, time-bound, targeted, and transparent tax incentives regime in the country.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think that more big-time investment-related projects will continue to come in via the CREATE Law?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Thank you for reading. If you find this article engaging, please click the like button below, share this article to others and also please consider making a donation to support my publishing. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at  @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram athttps://www.instagram.com/authorcarlocarrasco

BIR imposes 1% withholding tax on online merchants with annual earnings of over P500,000

BIR imposes 1% withholding tax on online merchants with annual earnings of over P500,000

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Those who engage with selling online here in the Philippines and earn over P500,000 annually will have a new normal to live with as the Bureau of Internal Revenue (BIR) officially imposed the 1% withholding tax on online merchants that are found qualified, according to a Philippine News Agency (PNA) news article. Take note that BIR had been targeting online sellers previously and the Department of Finance (DOF) asserted that online sellers should be subject to the same tax obligations as traditional brick-and-mortar business owners for the sake of fairness.

In the year 2022, the digital economy of the Philippines contributed P2.08 trillion, equivalent to 9.4% of gross domestic product. Of this, e-commerce had the highest growth at 26.5%, with its share to the economy reaching 20% or P416.12 billion.

To put things in perspective, posted below is an excerpt from the PNA news article. Some parts in boldface…

The Bureau of Internal Revenue (BIR) has announced that online merchants with earnings amounting to more than PHP500,000 annually are now subject to a 1-percent withholding tax.

BIR Revenue Regulation 16-2023, issued last December 21, said the withholding tax will apply to one-half of the gross remittances by electronic marketplace operators and digital financial services providers to the sellers or merchants for the goods or services sold through their platform.

The BIR defines an electronic marketplace as a “digital service platform whose business is to connect online buyers/consumers with online sellers/merchants, facilitate and conclude the sales, process the payment of the products, goods or services through such digital platform, or facilitate the shipment of goods or provide logistic services and post-purchase support within such platforms.”

These include marketplaces for online shopping, food delivery platform, and platform for accommodation booking.

The BIR clarified, however, that the withholding tax will not be imposed if the annual total gross remittances to an online seller do not exceed PHP500,000.

The withholding tax shall not apply “if the cumulative gross remittances to an online seller/merchant in a taxable year has not yet exceeded PHP500,000,” the BIR said.

Sellers subject to a lower income tax rate pursuant to any existing law are also excluded.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the BIR made the right move? Do you think the imposition of the 1% withholding tax on online sellers (that made over P500,000 annually) will have a significant impact on e-commerce here in the Philippines? If you were planning to sell goods or services online, does the 1% withholding tax discourage you?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Thank you for reading. If you find this article engaging, please click the like button below, share this article to others and also please consider making a donation to support my publishing. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at  @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/and on Instagram athttps://www.instagram.com/authorcarlocarrasco

Department of Finance (DOF) says online sellers must pay equal taxes as physical stores

Department of Finance (DOF) says online sellers must pay equal taxes as physical stores

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As far as the Department of Finance (DOF) is concerned, those who sell online must pay equal taxes as the physical stores do, according to a Manila Bulletin news report. Take note that the Philippines continues to recover from the economic downturn of COVID-19 and the coronavirus itself no longer poses a danger to the nation.

To put things in perspective, posted below is an excerpt from the Manila Bulletin news article. Some parts in boldface…

The Department of Finance (DOF) asserted that online sellers should be subject to the same tax obligations as traditional brick-and-mortar business owners for the sake of fairness.

Finance Secretary Benjamin E. Diokno said the collection of withholding tax on online sellers by the Bureau of Internal Revenue (BIR) is driven by the principle of fairness, and it does not constitute a new tax.

Withholding tax is a type of tax collected from various income sources, including salaries, wages, interest, and other earnings.

“It’s a matter of fairness because if you buy from a regular store, you have to pay taxes. But here [in online business], you don’t have to pay, and that’s unfair,” Diokno told reporters.

Diokno stressed the need for individuals to view the tax system as fair and willingly fulfill their tax obligations.

The BIR has proposed a new rule that would require online platform providers, such as Lazada and Shopee, to withhold one percent of the money they pay to their partner sellers. This withholding tax would be applied to half of the total amount being paid.

The BIR explained that this is not an additional tax, but rather a way to enforce existing tax laws and ensure proper tax collection.

“It’s not only increasing tax revenues, it’s a matter of fairness. A good tax system should be fair. That should be one of the characteristics of a good tax system, fairness,” the finance chief said.

BIR Commissioner Romeo D. Lumagui, Jr. earlier said the tax agency aims to begin collecting a creditable withholding tax from online platform partner merchants by the fourth quarter of 2023.

Lumagui also said that their objective is to fully implement this tax by next year.

He also explained that the purpose of imposing taxes on online merchants is to ensure a level playing field between traditional brick-and-mortar retailers and those selling on digital platforms or marketplaces.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you agree with the DOF on taxing online sellers? If you own a physical store selling products, does the presence of local online sellers harm your business?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Thank you for reading. If you find this article engaging, please click the like button below, share this article to others and also please consider making a donation to support my publishing. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at  @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram athttps://www.instagram.com/authorcarlocarrasco

Philippines Finance Secretary Diokno says the national economy is resilient enough to face post-pandemic world

Philippines Finance Secretary Diokno says the national economy is resilient enough to face post-pandemic world

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Recently in a high-level economic meeting in Germany, Philippines Finance Secretary Benjamin Diokno declared that the national economy is resilient enough for the post-pandemic world and that the national government has been making adjustments, according to a news article published by the Philippine News Agency (PNA).

To put things in perspective, posted below is the excerpt from the PNA news report. Some parts in boldface…

Finance Secretary Benjamin Diokno on Monday told foreign investors and business leaders that the Philippine economy is resilient enough and that the government is doing its best to address post-pandemic challenges.

Diokno made the remarks during the Philippine economic briefing attended by the economic managers in Frankfurt, Germany that was streamed through various government agency Facebook pages.

The Finance chief noted that inflation is also a concern in the Philippines just like in other countries, but measures are being undertaken by the government to address the issue, such as managing prices by ensuring adequate supplies of agricultural products, and boosting the agriculture sector’s capacity and productivity to help address the rising commodity prices, among others.

“We also are continuing the importation of necessary commodities to ease inflation,” he said.

The government has allowed the continued importation of rice, sugar, and meat, which are among the primary factor for the elevated food prices due to supply issues.

Relatively, Diokno assured investors that the government has put in place a fiscal consolidation program to address the uptick in government liabilities, due in part to the increased borrowing to finance pandemic-related programs.

He identified three factors that will support the government’s fiscal consolidation and one of this is the fact that “only a small fraction of our outstanding debt is exposed to interest rate resetting.”

This, as bulk of the government liabilities are sourced from domestic fund sources, with around 75 percent of the borrowing program allocated to the domestic market.

“We already have anticipated the tightening monetary policy conditions when we formulated the interest rate payments in the 2023 budget,” Diokno said.

He added that “government securities market is dominated by local players that are bank-centric and homogeneous in investment governance.”

Let me end this piece by asking you readers: What is your reaction to this new development? Do you believe that the economy of the Philippines is resilient enough for the post-pandemic age even as there are concerns about high inflation and economic slowdown around the world? Do you believe that the national government has what it takes to make key adjustments to unforeseen developments that could happen anytime? Are you convinced that foreign investors as well as foreign tourists will come into the Philippines in great numbers over the next eighteen months? How is your local government doing when it comes to economic developments like livelihood, jobs training and other related activities?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Thank you for reading. If you find this article engaging, please click the like button below and also please consider sharing this article to others. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. If you want to support my website, please consider making a donation. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at  @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram at https://www.instagram.com/authorcarlocarrasco/.

For more South Metro Manila community news and developments, come back here soon. Also say NO to fake news, NO to irresponsible journalism, NO to misinformation, NO to plagiarists, NO to reckless publishers and NO to sinister propaganda when it comes to news and developments. For South Metro Manila community developments, member engagements, commerce and other relevant updates, join the growing South Metro Manila Facebook group at https://www.facebook.com/groups/342183059992673

Philippine government sees economy growing around 6.5% for 2023

Philippine government sees economy growing around 6.5% for 2023

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Even though HSBC and the World Bank revealed their own 2023 economic growth forecasts for the Philippines to be below 6%, the national government still sees the economy growing around 6.5% this year, according to a recent Manila Bulletin news report.

To put things in perspective, posted below is the excerpt from the Manila Bulletin news report. Some parts in boldface…

The Philippine government expects a strong full-year gross domestic product (GDP) growth for 2022, most likely much faster than its growth target of 6.5 to 7.5 percent, Department of Finance (DOF) Secretary Benjamin Diokno said here on Jan. 16 (Switzerland time).

Diokno said this during a Monday luncheon hosted for President Ferdinand “Bongbong” Marcos Jr. and Philippine chief executive officers (CEOs) in Davos, Switzerland.

In addition, Diokno said the Philippine economy is seen to “grow by around 6.5 percent this year” due to the expected slowdown of the global economy.

“And that’s still one of the highest, if not the highest, growth projection in the Asia-Pacific Region,” he said.

According to Diokno, the country’s bustling manufacturing sector, record-low unemployment, and stable and resilient banking system can alleviate buffers against external headwinds, all indicating a resilient economy.

Further, opening economic sectors to foreign equity, improving the ease of doing business, and allowing modern transformative industries to take root and grow will sustain the economy.

At the same time, the Finance chief said the Marcos government has created a more competitive and enabling environment through public-private partnership (PPP) to expand further the Build, Better, More infrastructure agenda of the administration.

Diokno said this would further boost investments on top of the government’s goal to spend at least five to six percent of GDP on infrastructure, stressing all these form the backbone for the rapid and sustained growth of the Philippines.

But because of the current challenges, he said the Philippines is taking the first steps toward launching the Maharlika Investment Fund, the country’s first-ever sovereign wealth fund that will support the goals set by the administration in the Philippine Development Plan 2023-2028.

Let me end this piece by asking you readers: What is your reaction to this new development? Do you believe that the Philippines’ economic fundamentals are strong enough to keep the economy growing around 6.5% this year? Do you think that the tourism industry alone will be a major driving force of economic growth and earning foreign currency? Apart from the announced Maharlika Investment Fund (sovereign wealth fund) new economic initiatives do you want to see from President Ferdinand “Bongbong” Marcos, Jr.?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Thank you for reading. If you find this article engaging, please click the like button below and also please consider sharing this article to others. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. If you want to support my website, please consider making a donation. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at  @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram at https://www.instagram.com/authorcarlocarrasco/.

For more South Metro Manila community news and developments, come back here soon. Also say NO to fake news, NO to irresponsible journalism, NO to misinformation, NO to plagiarists, NO to reckless publishers and NO to sinister propaganda when it comes to news and developments. For South Metro Manila community developments, member engagements, commerce and other relevant updates, join the growing South Metro Manila Facebook group at https://www.facebook.com/groups/342183059992673

SMC President Ramon S. Ang clarifies Skyway Stage 3 remains open to motorists

SMC President Ramon S. Ang clarifies Skyway Stage 3 remains open to motorists

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Are you a motorist who needs to go way north, or way south or somewhere in between in the heart of Metro Manila? Here are some good news for you all: Skyway Stage 3 remains open to motorists as confirmed by San Miguel Corporation President Ramon S. Ang.

Very recently, there was confusion when it was announced that Stage 3 of the elevated expressway would close down on March 16, 2021 starting 5PM. Below is the excerpt from the GMA News report…

“In accordance with the Toll Regulatory Board (TRB) directive, the Skyway Stage 3 will be closed indefinitely starting 16 March 2021 at 5PM,” the Skyway Stage 3 management said in a post on Twitter on Monday night.

The elevated expressway will be reopened once all ramps are completed, as ordered by TRB, it said.

“Apologies for the inconvenience. SMC Infrastructure has no choice but to comply,” management said.

However, the Department of Transportation (DOTr) issued an advisory on Tuesday saying the TRB has not issued a decision or directive ordering the closure indefinitely of Skyway Stage 3.

“This is to inform the public that the Toll Regulatory Board (TRB) DID NOT ISSUE a decision or directive ordering the indefinite closure of the Skyway Stage 3 starting 5 p.m. of 16 March 2021,” the DOTr said.

“The Toll Regulatory Board DID NOT ISSUE a decision or directive ordering the indefinite closure of the Skyway Stage 3,” it added.

“TRB’s position is to keep Skyway Stage 3 OPEN for the benefit of motorists,” the DOTr added.

“The TRB is composed of the Department of Transportation, Department of Public Works and Highways, Department of Finance, National Economic Development Authority, and a representative from the private sector,” it said.

“Yes, I have just talk[ed] to [Transportation] Sec. [Arthur] Tugade. He will take care of TRB (Toll Regulatory Board),” Ang told GMA News Online.

As you can see above, things got really confusing and it was a major relief that Ramon Ang clarified that Skyway Stage 3 would not be closed. To put things in perspective, the 18-kilometer long Skyway Stage 3 was fully opened toll-free to motorists this past January and the TRB has yet to approve the proposed toll rates for it.

Now that the issue has been resolved, keep using Skyway Stage 3 for as long as you need it to move around. Please share this article to fellow motorists and other Skyway travelers you personally know. Thanks.

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For more South Metro Manila community news and developments, come back here soon. Also say NO to fake news, NO to irresponsible journalism, NO to misinformation, NO to plagiarists, NO to reckless publishers and NO to sinister propaganda when it comes to news and developments. For South Metro Manila community developments, member engagements, commerce and other relevant updates, join the growing South Metro Manila Facebook group at https://www.facebook.com/groups/342183059992673

Muntinlupa City extends tax relief anew, penalties for late payment waived until December 29, 2020

Muntinlupa City extends tax relief anew, penalties for late payment waived until December 29, 2020

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The City Government of Muntinlupa announced yesterday its move to relax the collection of penalties for late payment of business taxes from the second quarter until the remainder of the year in a bid to help the private sector to recover from losses due to the COVID-19 pandemic.

Mayor Jaime Fresnedi signed City Ordinance 2020-150 waiving penalties and surcharges incurred for the non-payment of business taxes from 2nd to 4th quarter of 2020 as assistance to the business sector.

Fresnedi said as the effects of COVID-19 pandemic further intensify the hurdles being faced by the private sector, the City Government of Muntinlupa as a partner to business sector will extend its assistance by providing for tax reliefs.

However, all business taxes due for the said period shall however be subject to the penalties and interest prescribed by Muntinlupa Revenue Code if not paid on or before December 29, 2020. Muntinlupa City Business Permits and Licensing Office advised business taxpayers in the city to settle all outstanding balances on or before the deadline to avoid incurring penalties.

Earlier this year, Muntinlupa City has imposed several extension of deadlines for the payment of taxes and fees amid the community quarantine in Metro Manila.

In May, Muntinlupa City Council adapted the Department of Finance (DOF) Department Circular (DC) No. 002-2020 through City Ordinance 2020-095 for the uniform adoption and implementation on the extension of deadlines for the payment of local taxes, fees, and charges imposed by local government units from March 25 to June 25, 2020.

Read the details closely. (source – Muntinlupa PIO)

The City Government of Muntinlupa has also passed ordinances in March providing a two-month payment extension on Real Property Tax payments and other payables to the City Government for the 1st Quarter, including payment for business taxes and fees for the 2nd Quarter, without penalties, surcharge, and interest. Penalties and surcharges incurred for the non-payment of 2nd and 3rd quarter business taxes were also waived through City Ordinance 2020-146.

The Philippine Chamber of Commerce and Industry – Muntinlupa recognized the City Government’s implementation of the Local Economic Continuity Plan which outlines programs and activities for business adaptation in the time of the pandemic and future programs for economic recovery.

PCCI-Muntinlupa president Elvie Sanchez-Quiazon conferred the Sterling Growth Catalyst Award to Mayor Fresnedi in recognition of his leadership in addressing the health crisis while still boosting the sustainability of local economy last July. Quiazon said the local chamber lauds the mayor’s “transformational and adaptable leadership, commitment and eminent public service to boost the development and sustainability of the Muntinlupa City in challenging times.”

As of November 25, Muntinlupa City has 4,867 confirmed cases with 4,666 recoveries, 43 active cases, 158 reported deaths, 43 suspect cases, and 234 probable cases.

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Latest City Government of Muntinlupa details sourced from their official media release. Some parts were edited for this website.

For more South Metro Manila community news and developments, come back here soon. Also say NO to fake news, NO to irresponsible journalism, NO to misinformation, NO to plagiarists, NO to distorted views, NO to reckless publishers, and NO to sinister propaganda when it comes to news and developments. For South Metro Manila-related community developments, engagements, commerce and other relevant updates, visit and join the South Metro Manila FB group at https://www.facebook.com/groups/342183059992673